Seven West Media and Nine Entertainment reported their 1HFY19 earnings last week.
With a challenging environment for the core FTA business, traditional broadcasters must focus on improving audience share, driving new audience growth through digital content offerings and taking costs out of the business.
On 19th February 2019, Seven West Media (SWM) reported its 1HFY19 earnings. Some of the key highlights from the announcement included:
Revenue of A$798.9mn, down 1.5% YoY.
Operating EBITDA of A$161.5mn, down 8.6% YoY.
Net Profit (excluding significant items) of A$91.8mn, down 7.8% YoY
Group operating expenses remained flat including cricket costs.
Increased cost out reduction target from A$20-30mn to A$30-40mn across FY19.
FY19 EBIT guidance of 0-5% growth.